21 Mar '16, 3am

Australian Government Seeks End to Double Taxation of Bitcoin

The Australian government has announced that it will back a legislative solution to tax concerns surrounding bitcoin as part of a broad policy statement on financial technology. Under current tax guidance in the country, bitcoin is considered a form of barter rather than a form of money. Australian businesses must pay goods-and-services tax (GST) if they sell digital currencies, and can be liable for the tax should they receive them as payment. This policy has sparked criticism from the startup community in Australia, who argue it creates an unfair tax environment. Last summer, the Australian Senate called for proposals to resolve the problem in a report on digital currencies. The government said today that it will work with the digital currency industry in Australia to find a solution, stating: “The Government recognises that that the current treatment of digital currency...

Full article: http://www.coindesk.com/australian-government-seeks-end-t...

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